‘There is no allegation of violation of FCPA in the US court’- Adani Green Energy Limited
New Delhi| Adani Group has completely rejected the allegations against well-known businessman and billionaire Gautam Adani and his nephew Sagar Adani. Adani Group said that there is no allegation of bribery against Gautam Adani and his nephew. Apart from this, he has also not been accused of any violation of the US Foreign Corrupt Practices Act (FCPA) in an indictment filed in the court by US officials in a case.
Adani Green Energy Limited, surrounded by bribery allegations, said in a stock exchange filing that the reports accusing the trio of FCPA violations are false. They have been charged with offences, which are punishable with a monetary fine or a sentence. Gautam Adani, Sagar Adani and Vineet Jain have not been charged with any violation of the FCPA set out in the US DOJ indictment or the US SEC civil complaint.
The filing said these directors have been charged on three counts in the criminal indictment, first-alleged securities fraud conspiracy, second-alleged wire fraud conspiracy, and third-alleged securities fraud. Adani Group has denied all the allegations and said that it will take all possible legal steps to defend itself. A criminal indictment has been filed by the Justice Department before the United States District Court for the Eastern District of New York in the US case against Gautam Adani, Sagar Adani and Vineet Jain. The company said that nothing has been clarified in the indictment regarding any fine or penalty. That is, how much punishment is there or how much fine is there? This has not been decided.
The civil complaint alleges that the authorities violated certain sections of the Securities Act 1933 and the Securities Act 1934 and instigated Adani Green Energy Limited to violate the Acts. Although the complaint seeks an order directing the defendants to pay civil monetary penalties, it does not determine the amount of the penalty.
US prosecutors have accused Gautam Adani (62), his nephew Sagar Adani and others of paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to secure solar power contracts. Adani has been accused of bribery worth Rs 2,029 crore ($265 million). An estimate suggests this could potentially benefit the group by more than two billion dollars. US prosecutors alleged that all this was hidden from American banks and investors from whom Adani Group had raised billions of dollars for the project. According to claims made in some reports, arrest warrants were issued against Gautam Adani and his nephew Sagar Adani.
“The defendants hatched an elaborate conspiracy to bribe Indian government officials to secure billions of dollars in contracts”, Brian Peace, U.S. Attorney for the Eastern District of New York, said in the statement Adani Group Chairman Gautam Adani, his nephew and Adani Green Energy Executive Director Sagar Adani and the company’s former Chief Executive Officer (CEO) Vineet Jain have been accused of securities fraud, securities fraud conspiracy and wire fraud conspiracy. Is. Adani has also been charged in a civil case of the US Securities and Exchange Commission. The indictment also accuses Sagar and Jain of breaking federal laws.
Even before this, Adani Group had completely rejected the allegations made by the US Justice Department and the US Securities and Exchange Commission against the directors of Adani Green. The company had termed all the allegations as baseless. Adani Group had said, ‘The US Justice Department itself has said that there are allegations in the indictment and the defendants are considered innocent until proven guilty. All possible legal recourse will be taken in the matter.
